Munify, a Y Combinator-backed cross-border neobank, integrated with the Circle Payments Network (CPN) to enable USDC-powered local payouts in the Philippines, the company said in a statement.
WHAT THE INTEGRATION DID
The integration linked Munify's payout capabilities with Circle's payments infrastructure so that users could receive funds from abroad in USDC and have them converted into Philippine pesos for payout to local bank accounts and digital wallets. CPN is a global network of banks, payment service providers, virtual asset service providers and enterprises that enables payments with near real-time settlement via stablecoins; it is operated by Circle Technology Services, an affiliate of Circle Internet Group.
The announcement positioned stablecoin settlement as a tool for inbound remittances in a market where, Munify said, remittances reached almost $40 billion in 2025, over 8% of GDP, citing Bangko Sentral ng Pilipinas data. Munify also cited World Bank data that sending $200 still costs an average of 5.7%, and said 44% of adults remain unbanked.
WHAT THE COMPANIES SAID
"The Philippines is one of the largest remittance markets globally, yet users still face high costs and slow settlement times. Integrating with CPN allows us to improve how funds are received and settled locally," said Khalid Ashmawy, CEO and founder of Munify.
"By connecting to CPN, Munify enables more efficient conversion of digital dollars into local currency, helping streamline cross-border payment flows," said Irfan Ganchi, SVP of Product Management, Payments at Circle.
The Philippines launch extends Munify's payout capabilities across Asia, the Middle East and Africa. The platform supports eight blockchain networks and offers a virtual card, USD accounts with ACH and wire transfer support, and a savings product on stablecoin holdings.
Munify, which is backed by Y Combinator (S25), has raised $6 million in seed funding from investors including Y Combinator, 1confirmation, White Star Capital, Digital Currency Group, BYLD Ventures and Rebel Fund.
Sources: Munify press release (Business Wire)
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